Southwest sees fastest single-family rent increase

CoreLogic | August 21, 2019

Last month, we reported that Phoenix led the nation in multifamily rent growth. Now, according to a recent report from CoreLogic, single-family homes are following suit as rent prices are increasing the fastest in the Southwest.  Phoenix had the highest year-over-year rent growth for the seventh consecutive month this June, with an increase of 7.1%. The Arizona capital was followed by Tucson (6.8%) and Las Vegas (5.8%), according to the report.

Spotlight

There are several aspects of law practice that reflect who we are. How we relate to people with whom we interact daily—be they colleagues, staff, clients, vendors, and/or opposing parties—presents opportunities either to be impatient, critical, or patronizing, or to be respectful, patient, and humble. Our responses to these opportunities serves as a barometer of our overall success. The people we interact with are important to our lives and exist for our own good, even if only to promote character growth.


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REAL ESTATE INVESTMENT

Armada Venture Partners Acquires Park Hill Industrial Building

Armada Venture Partners | December 30, 2021

Armada Venture Partners, a local boutique commercial real estate investment and development company, announced it has purchased a 46,000 square-foot warehouse in Park Hill. The vacant Denver warehouse, located at 3939 Kearney Street, will be renovated and leased in 2022. We are being intentional in acquiring and redeveloping in-fill opportunities across various asset classes to support growing companies and drive economic growth in our city, Park Hill is one of the gems of Denver. It is known for its architectural diversity, relaxed suburb-in-the-city vibe, and the easy access it affords to major thoroughfares, transit and downtown." Ryan Arnold, principal of Armada. Evan Makovsky, Byron Johnson and Craig Myles of NAI Shames Makovsky facilitated the transaction on behalf of the seller. The purchase price was $6,320,000. About Armada Venture Partners Armada Venture Partners, a creative boutique commercial real estate company founded in Denver in 2021, brings value to properties and investors by integrating acquisitions, capital markets and structured finance, in addition to offering asset management solutions for projects in Colorado and other high growth regions. Armada's principals have acquired, developed and asset managed over $200M in real estate assets since 2014.

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REAL ESTATE INVESTMENT

Houston-Based Marble Capital Enters Into Partnership Agreement with Navigator Global Investments

Marble Capital | April 11, 2022

Marble Capital, a Houston-based investment advisory firm focused on multi-family rental housing across the United States, announced that the firm has signed definitive agreements to enter into a partnership with Navigator Global Investments. The transaction is expected to close in late April 2022. In the deal, Navigator will purchase a minority stake in the business and become a passive, non-voting minority partner. Most of the capital will be used to support Marble Capital's near term growth initiatives, including funding larger general partner commitments to Marble Capital funds. With Navigator, Marble will benefit from the deep experience and relationships of the Navigator leadership team. Additionally, as Navigator is a portfolio investment of Dyal, a division of Blue Owl, Marble is joining a broad ecosystem of leading alternative asset managers with access to a team that focuses on sharing insight into industry best practices and access to various capital providers. The partnership will allow the firm to invest more significantly in its various funds while also providing balance sheet capital to create and implement new products. We are extremely pleased to partner with Navigator as we enter into the next stage of growth at Marble Capital. We believe Navigator's commitment to the company validates our stategy, underwriting process and the team we've assembled over the last five years." Adam Allen, co-founder and managing principal at Marble Capital David Oelfke, Marble Capital co-founder and managing principal added "a partnership with Navigator provides us a long term and aligned partner to accelerate certain growth initiatives, gain access to a deep industry network and best practices to leverage over time." Michael Shepherd, Navigator Chairman commented "This is a strategic and compelling opportunity to partner with a successful and growing asset manager that brings diversification to our existing investment portfolio and will create value for Navigator shareholders. We look forward to continuing to support the Marble Capital team." Colchester Partners LLC served as financial advisor to Marble on the transaction. Holland & Knight LLP served as legal counsel to Marble. Sidley Austin LLP served as legal counsel to Navigator. About Marble Capital Established in 2016, Marble Capital currently manages $1.4 billion in AUM across a series of closed-end private equity funds. The company provides flexible capital solutions for multifamily real estate developers and operators across the United States with a portfolio consisting of more than 20,000 multifamily units across US$4.5bn in transactions. Marble is headquartered in Houston, TX and is managed by a group of accomplished real estate professionals with 150 years of combined experience in real estate finance, capital markets, development and operations. About Navigator Navigator Global Investments Limited is a diversified asset management holding company dedicated to partnering with leading management teams who operate institutional quality businesses globally, primarily in the alternative investment management sector. Navigator has US$21.6 billion of AUM (31 December 2021) on an ownership adjusted basis across Lighthouse Partners and its strategic investment portfolio.

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REAL ESTATE INVESTMENT

BDP Holdings Acquires 27 and 35 Waterview Drive Near New York City

BDP Holdings | March 02, 2022

BDP Holdings, a New Jersey-based real estate investment company, announced today the acquisition of 27 and 35 Waterview Drive, a best-in-market, Class A office building in Fairfield County, Connecticut, part of the New York City Metropolitan Area. The 310,000 square foot facility is 100% leased to Pitney Bowes Inc. The location at Waterview Drive is 100 percent leased to Pitney Bowes and just a short commute from the company's headquarters. Pitney Bowes is a well-established industry leader with a long track record of success whose revenues have only continued to grow over the last 24 months, We are thrilled to have acquired such a desirable property, located in such an affluent and scenic location as Fairfield County." Dennis Lim, principal, BDP Holdings. Located in the county of Fairfield, Connecticut's largest and wealthiest county, the Pitney Bowes location at Waterview Drive totals approximately 310,000 square feet situated on 22.7 acres of land and provides easy access to several major local roadways, as well as mass transit which offers an easy commute to Boston, New York City and Washington, D.C. The property consists of three stories of office space, with additional space utilized for assembly/warehousing and engineering. The building also includes a full-service cafeteria, fitness center and a scenic outdoor area, perfect for a post-COVID work environment. Built in 1995, the property has undergone many recent capital improvements, including a new roof and major office and lab renovations throughout, making it well-positioned for future productivity. Pitney Bowes is a global technology leader which provides e-commerce, shipping and mailing services across various market segments and supports 90% of all Fortune 500 companies. The Pitney Bowes location at Waterview is considered a mission critical location, serving as an operations center for all business lines and containing the largest concentration of Pitney Bowes employees in the world. It is also in close proximity to the company's headquarters, located in Stamford, Connecticut. In addition to Pitney Bowes, Fairfield County is home to 19 Fortune 1000 companies, including Indeed.com, UBS, WWE, Financial Charter Communications and many others. Just 60 miles from New York City, Fairfield is one of the most affluent counties in the country, with an extremely educated workforce. Nearly half of all workers hold at least a bachelor's degree. Fairfield also features many public and private golf courses, yacht and boat clubs, country clubs and marinas. This is BDP Holdings' fifth investment in the New York City Metropolitan Area. BDP's leadership has invested more than $6.5 billion in value-driven real estate across the U.S. About BDP Holdings Led by a team with nearly 30 years of experience, BDP Holdings is a New Jersey-based real estate investment company specializing in the acquisition, development and repositioning of real estate in the New York Tri-State area and across the U.S. BDP focuses on properties in markets with high barriers to entry and then seeks to add value through the repositioning of current properties or the development of new properties and communities. BDP's executive team has invested in over $6.5 billion of value-driven real estate and acquired over five million commercial square feet in more than 30 states.

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REAL ESTATE TECHNOLOGY

Honely.com Signs Licensing Agreement for Its Property and Area Forecast APIs with Forescite, Inc.

Honely, LLC | March 29, 2022

Honely, a Boca Raton-based prop tech firm that uses proprietary AI/ML techniques to forecast the values of over 100 million properties, is pleased to announce that they have entered into a strategic relationship with Forescite, a leading New York City-based FinTech company revolutionizing the journey to a secure financial future with their AI/ML-powered mobile app, Investall. Forescite will now have the capability to help calculate a user's net worth and equip them with statistics pertinent to the real estate market through a major licensing deal with a big data player in the Prop Tech space. Forescite will be licensing Honely's Property and Metro Level Forecast APIs which will allow them to give a true assessment of their users' financial position. This major partnership will be the first of many to come. We understand how impactful our statistics can be especially on a robust real time wealth management platform such as the Investall APP. The use case of our statistics can vary over a broad spectrum of industries, however the first one the public will be able to interact with is on Forescite's Budgeting and wealth management platform." Maxwell Schwarz, President of Honely FORESCITE EXECUTIVE Bala Shagrithaya, Investall CEO commented, "After an exhaustive search of data from industry leaders such as Zillow, we're thrilled to have found a partner in Honely, that far exceeds the complexity and reliability of data available on any property, which is important when trusting an algorithm that our users can rely on." About Honely Honely is a data and analytics company which uses high-level AI and data science techniques to deliver unique statistics such as home-value forecasts up to 36 months into the future, migration trends, neighborhood growth forecasts, and more. On Honely.com, every insight is delivered in real time and can be downloaded in customizable reports. The site also has interactive features that allow users to make important calculations and estimates, serving as a fully comprehensive tool for RE investors. About Forescite Forescite Inc enables "smarter Investing powered by AI," a New York City-based FinTech company that is revolutionizing the journey to a secure financial future with its AI/ML-powered Investall mobile apps. Like a GPS for finances, Forescite allows retail investors to leverage the predictive data and analytics used by the banks and hedge funds to make more effective investment decisions. The company's investing platform offers users the most powerful risk analysis tool on the market with the technology to manage their money like a pro.

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Spotlight

There are several aspects of law practice that reflect who we are. How we relate to people with whom we interact daily—be they colleagues, staff, clients, vendors, and/or opposing parties—presents opportunities either to be impatient, critical, or patronizing, or to be respectful, patient, and humble. Our responses to these opportunities serves as a barometer of our overall success. The people we interact with are important to our lives and exist for our own good, even if only to promote character growth.

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